IRS EP developing 401(k) plan self audit tool

IRS Employee Plans (EP) will soon release a 401(k) Plan Questionnaire Self Audit Tool (QSAT), according to Monika Templeman, director of EP Examinations. Templeman spoke on June 13, 2013, at the Great Lakes Benefit Conference, sponsored by the American Society of Pension Professionals & Actuaries (ASPPA).

In March 2013, the IRS has released a final report that compiled results from the 401(k) Compliance Check Questionnaire, sent to plan sponsors in 2010. 401(k) plan sponsors are encouraged to use the Questionnaire, along with the findings, to strengthen internal controls over plan operations.

EP will be repackaging the 401(k) Questionnaire as the QSAT with new internal control questions added. The QSAT will be designed to help plan sponsors find, fix, and avoid costly mistakes. The QSAT is going through the final clearance process and is scheduled to be unveiled in the summer of 2013, Templeman said.

Source: Templeman speech, Great Lakes Benefit Conference, June 13, 2013.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer’s Benefits Reports.

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